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FX round-up: Remarks from Draghi push euro lower

The level of the euro "is increasingly relevant in our assessment of price stability," the European Central Bank's Mario Draghi said in a speech yesterday evening at the Schumpeter Gesellschaft in Viena, Austria.

Traders reacted immediately, sending the euro/dollar reeling lower. The euro/dollar finished the session 0.27% lower at 1.3865, well down from its intraday highs of 1.3967.

Simply put, should the euro threaten to rise sufficiently then that could see inflation in the Eurozone fall well below the central bank's current end-2016 forecast of 1.7%, amongst other considerations.

The central banker added that too-low inflation is "currently more relevant" than too-high inflation - although he did also comment that the risk of deflation is "quite limited".

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